Intuit
Intuit is focused on providing meaningful updates to its QuickBooks ecosystem of products and services for small businesses and accounting professionals that help them save time and put more money in their pockets. Intuit has newly released the Paycheck Protection Program (PPP) Center, a resource featuring new tools including a loan forgiveness estimator and PPP-specific reports, within QuickBooks Online.
Paycheck Protection Program Center
In order to minimize common stress and confusion experienced by small businesses and accounting professionals navigating PPP, QuickBooks has developed a new feature dedicated to supporting PPP borrowers.
The new PPP Center is available to all QuickBooks Online, Desktop, and Self-Employed customers who applied and received a loan through QuickBooks Capital.
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Found within the Capital tab of QuickBooks Online, the Paycheck Protection Program Center operates as the primary source for accounting professionals and small businesses to find PPP related information. The center allows users to track expenses, estimate forgiveness, generate PPP-specific reports to support forgiveness applications and find answers to commonly asked questions.
The Center provides peace of mind to small businesses and accounting professionals by offering a holistic picture of loan progress, preparing them for the forgiveness process and allowing them to make more informed business decisions.
Loan Forgiveness Estimator
Within the PPP Center, QuickBooks has developed essential tools, like the PPP loan forgiveness estimator, to help business owners and accountants better manage the forgiveness process and minimize future debt.
The new 'PPP Loan Forgiveness Estimator' is available to all users who obtained a loan through QuickBooks Capital and are QuickBooks Online or Desktop customers with employees.
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By tracking current payroll and non-payroll spend during the covered period, the tool provides a snapshot of where businesses stand in real-time, and estimates how much of a loan is likely to be forgivable given current spending trends and SBA guidelines.
The estimator also allows customers to test various scenarios, adjusting potential spending on payroll and other expenses, as well as changes to staff and wages to determine the impact on forgivable and non-forgivable costs.
The tool features frequently asked questions and Treasury and SBA-compliant guidance on how to properly spend funds to maximize forgiveness.
PPP Reports
QuickBooks has also created two new reports within the PPP Center to assist with tracking and applying for loan forgiveness.
PPP Expense Report: A fully-customizable profit and loss report that can be used to track selected eligible PPP expenses. Below is an example of the PPP Non-Payroll Expense Report.
The new 'PPP Expense Reports' are available to all QuickBooks Online, Desktop, and Self-Employed users within the PPP Center. (Note: The new 'PPP Payroll reports are available to QuickBooks Online Payroll and QuickBooks Desktop Payroll customers.)
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PPP Payroll Report: This automatically updated report, available to QuickBooks Online Payroll and QuickBooks Desktop Payroll users, pulls all eligible payroll expenses during the covered period. These include:
- Salary, wages, commissions, or similar compensation
- Additional wages paid to tipped employees, if applicable
- Employee benefits, such as PTO, allowance for employee separation or dismissal, insurance premiums, taxes, and retirement.